Oil and Gas Costs (Tables)

12 Months Ended

Mar. 31, 2016

Notes to Financial Statements

Schedule of Cost Related to Oil and Gas Activities

The costs related to the Company’s oil and gas activities were incurred as follows for the year ended March 31:

	2016		2015		2014
Property acquisition costs:
Proved	$	-	$	3,108,040	$	785,144
Unproved		-		-		-
Exploration		-		15,472		9,641
Development		1,112,733		1,746,582		1,152,986
Capitalized asset retirement obligations		5,844		274,148		134,113
Total costs incurred for oil and gas properties	$	1,118,577	$	5,144,242	$	2,081,884

Schedule of Aggregate Capitalized Costs Relating Oil and Gas Property Activities

The Company had the following aggregate capitalized costs relating to its oil and gas property activities at March 31:

	2016		2015		2014
Proved oil and gas properties	$	40,365,197	$	40,489,453	$	35,386,751
Unproved oil and gas properties:
subject to amortization		-		73,990		73,990
not subject to amortization		-		-		-
		40,365,197		40,563,443		35,460,741
Less accumulated DD&A		24,306,770		19,752,994		18,395,619
	$	16,058,427	$	20,810,449	$	17,065,122